ANKARA (Sputnik) – The depreciation of the Turkish lira does not reflect the state of the country’s economy, President Recep Tayyip Erdogan said on Wednesday.
The Turkish national currency plummeted by 17 percent against the US dollar on Monday in the wake of Erdogan’s decision to replace the head of the central bank, Naci Agbal, mere months after he took office. As of 11:00 GMT on Wednesday, the lira was trading at 7.98 to the dollar.
The president also called on Turkish citizens to invest currency and gold in various financial structures, the economy and production instead of keeping them at home.
Erdogan fired Agbal, appointed to the post of the central bank chief in November 2020, after the regulator decided last week to increase the interest rate from 17 percent to 19 percent. The ex-central bank head was replaced by Sahap Kavcioglu, a former lawmaker from the ruling party.
Sourse: sputniknews.com
